VIENNA, May 14 (Xinhua) — The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday released its monthly oil market report, revising down its previous forecast for global oil demand growth in 2026 and revising up its forecast for global oil demand growth in 2027.
The report said global daily oil demand in 2026 will increase by 1.17 million barrels compared to 2025, reaching 106.33 million barrels, while OPEC’s April report had forecast demand growth of 1.38 million barrels for 2026. The report also forecast that global daily oil demand in 2027 will increase by 1.54 million barrels compared to 2026, reaching 107.87 million barrels, while the April report had forecast demand growth of 1.34 million barrels for 2027.
The report showed that OPEC+ crude oil production in April 2026 averaged 33.19 million barrels per day, a decrease of 1.74 million barrels from March. OPEC+ is a cooperation organization of oil-producing countries consisting of OPEC members and non-OPEC oil-producing countries such as Russia.
